The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M Company COM 88579Y101 13,584 77,000 SH   SOLE   77,000 0 0
3M Company COM 88579Y101 26,728 151,500 SH   DFND 1 151,500 0 0
Accenture COM G1151C101 14,129 67,100 SH   SOLE   67,100 0 0
Accenture COM G1151C101 19,436 92,300 SH   DFND 1 92,300 0 0
Activision Blizzard Inc COM 00507V109 107 1,800 SH   SOLE   1,800 0 0
Activision Blizzard Inc COM 00507V109 16,578 279,000 SH   DFND 1 279,000 0 0
Albemarle Corp COM 012653101 5,332 73,000 SH   DFND 1 73,000 0 0
Alleghany Corporation COM 017175100 3,461 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 56,488 42,249 SH   SOLE   42,249 0 0
Alphabet Inc COM 02079K107 124,756 93,309 SH   DFND 1 93,309 0 0
Alphabet Inc Class A COM 02079K305 4,420 3,300 SH   SOLE   3,300 0 0
Alphabet Inc Class A COM 02079K305 12,322 9,200 SH   DFND 1 9,200 0 0
Amazon.com COM 023135106 61,718 33,400 SH   SOLE   33,400 0 0
Amazon.com COM 023135106 119,245 64,532 SH   DFND 1 64,532 0 0
American Express COM 025816109 1,245 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 58,666 471,250 SH   DFND 1 471,250 0 0
American Tower COM 03027X100 230 1,000 SH   SOLE   1,000 0 0
American Tower COM 03027X100 10,848 47,200 SH   DFND 1 47,200 0 0
Analog Devices Inc COM 032654105 24,192 203,565 SH   SOLE   203,565 0 0
Analog Devices Inc COM 032654105 77,513 652,246 SH   DFND 1 652,246 0 0
Anheuser-Busch Inbev ADR COM 03524A108 1,067 13,000 SH   DFND 1 13,000 0 0
Anthem Inc COM 036752103 8,759 29,000 SH   SOLE   29,000 0 0
Anthem Inc COM 036752103 58,896 195,000 SH   DFND 1 195,000 0 0
Aon Corporation COM G0408V102 7,707 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 037612306 1,073 22,500 SH   SOLE   22,500 0 0
Apollo Global Management - A COM 037612306 47,233 990,000 SH   DFND 1 990,000 0 0
Apple Inc COM 037833100 3,538 12,050 SH   SOLE   12,050 0 0
Apple Inc COM 037833100 84,567 287,985 SH   DFND 1 287,985 0 0
Archer Daniels COM 039483102 27,532 594,000 SH   SOLE   594,000 0 0
Archer Daniels COM 039483102 40,292 869,300 SH   DFND 1 869,300 0 0
Automatic Data Processing COM 053015103 21,653 127,000 SH   SOLE   127,000 0 0
Automatic Data Processing COM 053015103 68,831 403,700 SH   DFND 1 403,700 0 0
Autonation Inc COM 05329W102 58 1,200 SH   SOLE   1,200 0 0
Autonation Inc COM 05329W102 2,062 42,410 SH   DFND 1 42,410 0 0
Ball Corporation COM 058498106 2,716 42,000 SH   DFND 1 42,000 0 0
Bank of New York Mellon Corp COM 064058100 12,784 254,000 SH   DFND 1 254,000 0 0
Berkshire Hathaway Class B COM 084670702 170,242 751,620 SH   SOLE   751,620 0 0
Berkshire Hathaway Class B COM 084670702 175,478 774,737 SH   DFND 1 774,737 0 0
Berkshire Hathaway, Inc. COM 084670108 196,962 580 SH   SOLE   580 0 0
Berkshire Hathaway, Inc. COM 084670108 178,285 525 SH   DFND 1 525 0 0
Blackrock Inc COM 09247X101 6,032 12,000 SH   SOLE   12,000 0 0
Blackrock Inc COM 09247X101 104,562 208,000 SH   DFND 1 208,000 0 0
Blackstone Group COM 09260D107 1,930 34,500 SH   SOLE   34,500 0 0
Blackstone Group COM 09260D107 66,485 1,188,500 SH   DFND 1 1,188,500 0 0
Boeing Co COM 097023105 3,877 11,900 SH   SOLE   11,900 0 0
Boeing Co COM 097023105 26,875 82,500 SH   DFND 1 82,500 0 0
Booking Holdings Inc COM 09857L108 411 200 SH   DFND 1 200 0 0
Brookfield Asset Management COM 112585104 111,541 1,929,782 SH   SOLE   1,929,782 0 0
Brookfield Asset Management COM 112585104 223,389 3,864,859 SH   DFND 1 3,864,859 0 0
Brown Forman Class A COM 115637100 30,921 492,600 SH   SOLE   492,600 0 0
Brown Forman Class A COM 115637100 21,995 350,400 SH   DFND 1 350,400 0 0
Brown-Forman Class B COM 115637209 15,328 226,750 SH   SOLE   226,750 0 0
Brown-Forman Class B COM 115637209 16,727 247,437 SH   DFND 1 247,437 0 0
CDK Global Inc COM 12508E101 2,315 42,333 SH   SOLE   42,333 0 0
CDK Global Inc COM 12508E101 7,358 134,564 SH   DFND 1 134,564 0 0
CVS Corporation COM 126650100 149 2,000 SH   SOLE   2,000 0 0
CVS Corporation COM 126650100 24,516 330,000 SH   DFND 1 330,000 0 0
Cable One COM 12685J105 7,740 5,200 SH   DFND 1 5,200 0 0
Carmax COM 143130102 137,565 1,569,126 SH   SOLE   1,569,126 0 0
Carmax COM 143130102 293,164 3,343,944 SH   DFND 1 3,343,944 0 0
Caterpillar Inc COM 149123101 1,477 10,000 SH   SOLE   10,000 0 0
Caterpillar Inc COM 149123101 40,464 274,000 SH   DFND 1 274,000 0 0
Charles Schwab COM 808513105 5,850 123,000 SH   SOLE   123,000 0 0
Charles Schwab COM 808513105 45,643 959,700 SH   DFND 1 959,700 0 0
Choice Hotels Intl Inc COM 169905106 310 3,000 SH   SOLE   3,000 0 0
Choice Hotels Intl Inc COM 169905106 20,686 200,000 SH   DFND 1 200,000 0 0
Cisco COM 17275R102 7,098 148,000 SH   SOLE   148,000 0 0
Cisco COM 17275R102 9,304 194,000 SH   DFND 1 194,000 0 0
Citigroup Inc COM 172967424 105 1,320 SH   SOLE   1,320 0 0
Citigroup Inc COM 172967424 1,518 19,000 SH   DFND 1 19,000 0 0
Colfax Corporation COM 194014106 39,475 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,819 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030n101 4,632 103,000 SH   SOLE   103,000 0 0
Comcast Corp- Class A COM 20030n101 18,797 418,000 SH   DFND 1 418,000 0 0
Costco COM 22160K105 3,821 13,000 SH   SOLE   13,000 0 0
Costco COM 22160K105 7,686 26,150 SH   DFND 1 26,150 0 0
Crown Holdings Inc COM 228368106 8,124 112,000 SH   DFND 1 112,000 0 0
DR Horton Inc COM 23331A109 45 850 SH   SOLE   850 0 0
DR Horton Inc COM 23331A109 1,609 30,497 SH   DFND 1 30,497 0 0
Delta Air Lines COM 247361702 351 6,000 SH   SOLE   6,000 0 0
Delta Air Lines COM 247361702 24,035 411,000 SH   DFND 1 411,000 0 0
Diageo PLC COM 25243Q205 124,344 738,300 SH   SOLE   738,300 0 0
Diageo PLC COM 25243Q205 102,989 611,500 SH   DFND 1 611,500 0 0
Discovery Communications COM 25470F302 3,567 117,000 SH   DFND 1 117,000 0 0
Disney COM 254687106 78,780 544,700 SH   SOLE   544,700 0 0
Disney COM 254687106 189,426 1,309,730 SH   DFND 1 1,309,730 0 0
Dollar Tree Inc COM 256746108 1,223 13,000 SH   SOLE   13,000 0 0
Dollar Tree Inc COM 256746108 10,355 110,100 SH   DFND 1 110,100 0 0
Ecolab COM 278865100 4,439 23,000 SH   SOLE   23,000 0 0
Ecolab COM 278865100 54,674 283,300 SH   DFND 1 283,300 0 0
Electronic Arts Inc COM 285512109 97 900 SH   SOLE   900 0 0
Electronic Arts Inc COM 285512109 13,062 121,500 SH   DFND 1 121,500 0 0
Equifax Inc COM 294429105 15,063 107,500 SH   DFND 1 107,500 0 0
Facebook COM 30303M102 3,820 18,610 SH   SOLE   18,610 0 0
Facebook COM 30303M102 25,570 124,580 SH   DFND 1 124,580 0 0
Factset Research COM 303075105 6,171 23,000 SH   SOLE   23,000 0 0
Factset Research COM 303075105 25,102 93,560 SH   DFND 1 93,560 0 0
General Dynamics COM 369550108 7,759 44,000 SH   SOLE   44,000 0 0
General Dynamics COM 369550108 60,488 343,000 SH   DFND 1 343,000 0 0
Goldman Sachs COM 38141G104 4,104 17,850 SH   SOLE   17,850 0 0
Goldman Sachs COM 38141G104 74,509 324,050 SH   DFND 1 324,050 0 0
Graham Holdings Co COM 384637104 3,323 5,200 SH   DFND 1 5,200 0 0
Hasbro, Inc COM 418056107 11,026 104,400 SH   SOLE   104,400 0 0
Hasbro, Inc COM 418056107 27,416 259,600 SH   DFND 1 259,600 0 0
Healthcare Services Group COM 421906108 486 20,000 SH   SOLE   20,000 0 0
Healthcare Services Group COM 421906108 13,461 553,500 SH   DFND 1 553,500 0 0
Heico Corp Class A COM 422806208 690 7,702 SH   SOLE   7,702 0 0
Heico Corp Class A COM 422806208 29,898 333,942 SH   DFND 1 333,942 0 0
Hexcel Corp COM 428291108 293 4,000 SH   SOLE   4,000 0 0
Hexcel Corp COM 428291108 13,196 180,000 SH   DFND 1 180,000 0 0
Home Depot COM 437076102 25,550 117,000 SH   SOLE   117,000 0 0
Home Depot COM 437076102 175,359 803,000 SH   DFND 1 803,000 0 0
Illinois Tool Works COM 452308109 15,269 85,000 SH   SOLE   85,000 0 0
Illinois Tool Works COM 452308109 42,033 234,000 SH   DFND 1 234,000 0 0
Illumina Inc COM 452327109 332 1,000 SH   DFND 1 1,000 0 0
InterActiveCorp COM 44919P508 286 1,150 SH   DFND 1 1,150 0 0
Intl Flavors & Fragrances COM 459506101 1,935 15,000 SH   SOLE   15,000 0 0
Intl Flavors & Fragrances COM 459506101 11,741 91,000 SH   DFND 1 91,000 0 0
Investors Title Company COM 461804106 33,957 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 30,066 215,680 SH   DFND 1 215,680 0 0
John Deere COM 244199105 25,989 150,000 SH   SOLE   150,000 0 0
John Deere COM 244199105 148,293 855,900 SH   DFND 1 855,900 0 0
Johnson and Johnson COM 478160104 16,658 114,200 SH   SOLE   114,200 0 0
Johnson and Johnson COM 478160104 72,439 496,600 SH   DFND 1 496,600 0 0
KKR & Co LLC COM 48251W104 1,809 62,000 SH   SOLE   62,000 0 0
KKR & Co LLC COM 48251W104 38,029 1,303,700 SH   DFND 1 1,303,700 0 0
Kraft Heinz Co COM 500754106 2,185 68,000 SH   DFND 1 68,000 0 0
Lennar Corp - B COM 526057302 1,075 24,050 SH   DFND 1 24,050 0 0
Lennar Corporation COM 526057104 31 550 SH   SOLE   550 0 0
Lennar Corporation COM 526057104 298 5,350 SH   DFND 1 5,350 0 0
Liberty Broadband A COM 530307107 2,709 21,750 SH   SOLE   21,750 0 0
Liberty Broadband A COM 530307107 22,857 183,500 SH   DFND 1 183,500 0 0
Liberty Broadband Class C COM 530307305 5,137 40,853 SH   SOLE   40,853 0 0
Liberty Broadband Class C COM 530307305 16,506 131,260 SH   DFND 1 131,260 0 0
Liberty Global PLC COM G5480U104 68 3,000 SH   SOLE   3,000 0 0
Liberty Global PLC COM G5480U104 4,002 176,000 SH   DFND 1 176,000 0 0
Liberty Media Group A COM 531229870 832 19,000 SH   SOLE   19,000 0 0
Liberty Media Group A COM 531229870 9,216 210,500 SH   DFND 1 210,500 0 0
Liberty Media Group C COM 531229854 1,333 29,000 SH   SOLE   29,000 0 0
Liberty Media Group C COM 531229854 10,596 230,500 SH   DFND 1 230,500 0 0
Liberty Sirius Group A COM 531229409 2,514 52,000 SH   SOLE   52,000 0 0
Liberty Sirius Group A COM 531229409 18,079 374,000 SH   DFND 1 374,000 0 0
Liberty Sirius Group C COM 531229607 6,451 134,000 SH   SOLE   134,000 0 0
Liberty Sirius Group C COM 531229607 18,678 388,000 SH   DFND 1 388,000 0 0
Linde PLC COM G5494J103 1,256 5,900 SH   SOLE   5,900 0 0
Linde PLC COM G5494J103 18,842 88,500 SH   DFND 1 88,500 0 0
Live Nation COM 538034109 750 10,500 SH   SOLE   10,500 0 0
Live Nation COM 538034109 34,177 478,200 SH   DFND 1 478,200 0 0
Lowes COM 548661107 30,778 257,000 SH   SOLE   257,000 0 0
Lowes COM 548661107 38,802 324,000 SH   DFND 1 324,000 0 0
MSCI COM 55354G100 258 1,000 SH   SOLE   1,000 0 0
MSCI COM 55354G100 35,112 136,000 SH   DFND 1 136,000 0 0
Marriott International COM 571903202 54,219 358,049 SH   SOLE   358,049 0 0
Marriott International COM 571903202 185,838 1,227,220 SH   DFND 1 1,227,220 0 0
Marsh & McLennan COM 571748102 1,950 17,500 SH   SOLE   17,500 0 0
Marsh & McLennan COM 571748102 65,955 592,000 SH   DFND 1 592,000 0 0
Mastercard, Inc COM 57636Q104 10,749 36,000 SH   SOLE   36,000 0 0
Mastercard, Inc COM 57636Q104 50,716 169,850 SH   DFND 1 169,850 0 0
Maxim Integrated Products COM 57772K101 4,306 70,000 SH   SOLE   70,000 0 0
Maxim Integrated Products COM 57772K101 11,195 182,000 SH   DFND 1 182,000 0 0
McKesson Corp COM 58155Q103 650 4,700 SH   SOLE   4,700 0 0
McKesson Corp COM 58155Q103 8,078 58,400 SH   DFND 1 58,400 0 0
Microchip Technology COM 595017104 419 4,000 SH   SOLE   4,000 0 0
Microchip Technology COM 595017104 16,232 155,000 SH   DFND 1 155,000 0 0
Microsoft Corp COM 594918104 13,404 85,000 SH   SOLE   85,000 0 0
Microsoft Corp COM 594918104 61,443 389,620 SH   DFND 1 389,620 0 0
Mohawk Industries COM 608190104 682 5,000 SH   SOLE   5,000 0 0
Mohawk Industries COM 608190104 34,913 256,000 SH   DFND 1 256,000 0 0
Moody's Corp COM 615369105 24,691 104,000 SH   SOLE   104,000 0 0
Moody's Corp COM 615369105 25,113 105,780 SH   DFND 1 105,780 0 0
NVR Inc COM 62944T105 381 100 SH   SOLE   100 0 0
NVR Inc COM 62944T105 31,438 8,255 SH   DFND 1 8,255 0 0
Nike COM 654106103 8,307 82,000 SH   SOLE   82,000 0 0
Nike COM 654106103 28,772 284,000 SH   DFND 1 284,000 0 0
Norfolk Southern COM 655844108 14,171 73,000 SH   SOLE   73,000 0 0
Norfolk Southern COM 655844108 30,381 156,500 SH   DFND 1 156,500 0 0
Novo-Nordisk A/S COM 670100205 30,387 525,000 SH   SOLE   525,000 0 0
Novo-Nordisk A/S COM 670100205 31,834 550,000 SH   DFND 1 550,000 0 0
Owens-Illinois Inc COM 67098H104 4,175 350,000 SH   DFND 1 350,000 0 0
Parker-Hannifin Corp COM 701094104 1,256 6,100 SH   SOLE   6,100 0 0
Parker-Hannifin Corp COM 701094104 23,155 112,500 SH   DFND 1 112,500 0 0
Paychex COM 704326107 5,954 70,000 SH   SOLE   70,000 0 0
Paychex COM 704326107 6,805 80,000 SH   DFND 1 80,000 0 0
Penske Automotive Group COM 70959W103 1,255 25,000 SH   SOLE   25,000 0 0
Penske Automotive Group COM 70959W103 2,360 47,000 SH   DFND 1 47,000 0 0
Pepsico COM 713448108 2,597 19,000 SH   SOLE   19,000 0 0
Pepsico COM 713448108 17,302 126,600 SH   DFND 1 126,600 0 0
Philip Morris International COM 718172109 9,743 114,500 SH   DFND 1 114,500 0 0
Progressive Corp COM 743315103 4,343 60,000 SH   SOLE   60,000 0 0
Progressive Corp COM 743315103 41,986 580,000 SH   DFND 1 580,000 0 0
RLI Corporation COM 749607107 33,938 377,000 SH   SOLE   377,000 0 0
RLI Corporation COM 749607107 73,841 820,272 SH   DFND 1 820,272 0 0
Rockwell Automation Inc COM 773903109 1,601 7,900 SH   SOLE   7,900 0 0
Rockwell Automation Inc COM 773903109 26,793 132,200 SH   DFND 1 132,200 0 0
Rollins, Inc. COM 775711104 1,215 36,650 SH   SOLE   36,650 0 0
Rollins, Inc. COM 775711104 25,954 782,700 SH   DFND 1 782,700 0 0
S&P Global COM 78409V104 273 1,000 SH   SOLE   1,000 0 0
S&P Global COM 78409V104 39,865 146,000 SH   DFND 1 146,000 0 0
SEI Investments Co COM 784117103 3,863 59,000 SH   SOLE   59,000 0 0
SEI Investments Co COM 784117103 21,229 324,200 SH   DFND 1 324,200 0 0
Scotts Miracle-Gro Co COM 810186106 3,716 35,000 SH   SOLE   35,000 0 0
Scotts Miracle-Gro Co COM 810186106 41,092 387,000 SH   DFND 1 387,000 0 0
Shake Shack Inc - Class A COM 819047101 179 3,000 SH   SOLE   3,000 0 0
Shake Shack Inc - Class A COM 819047101 1,620 27,200 SH   DFND 1 27,200 0 0
Sherwin Williams COM 824348106 18,090 31,000 SH   DFND 1 31,000 0 0
Southwest Airlines COM 844741108 918 17,000 SH   SOLE   17,000 0 0
Southwest Airlines COM 844741108 25,560 473,500 SH   DFND 1 473,500 0 0
Starbucks Corp COM 855244109 3,561 40,500 SH   SOLE   40,500 0 0
Starbucks Corp COM 855244109 42,128 479,168 SH   DFND 1 479,168 0 0
Stericycle Inc COM 858912108 1,595 25,000 SH   SOLE   25,000 0 0
Stericycle Inc COM 858912108 34,649 543,000 SH   DFND 1 543,000 0 0
T.Rowe Price COM 74144T108 3,899 32,000 SH   SOLE   32,000 0 0
T.Rowe Price COM 74144T108 34,359 282,000 SH   DFND 1 282,000 0 0
Texas Instruments Inc COM 882508104 22,579 176,000 SH   SOLE   176,000 0 0
Texas Instruments Inc COM 882508104 69,084 538,500 SH   DFND 1 538,500 0 0
The Carlyle Group COM 14309L102 1,428 44,500 SH   SOLE   44,500 0 0
The Carlyle Group COM 14309L102 37,389 1,165,500 SH   DFND 1 1,165,500 0 0
The Travelers Companies Inc COM 89417E109 43,139 315,000 SH   DFND 1 315,000 0 0
TransUnion COM 89400J107 257 3,000 SH   SOLE   3,000 0 0
TransUnion COM 89400J107 7,191 84,000 SH   DFND 1 84,000 0 0
Trupanion COM 898202106 187 5,000 SH   SOLE   5,000 0 0
Trupanion COM 898202106 3,933 105,000 SH   DFND 1 105,000 0 0
Tyson Foods COM 902494103 455 5,000 SH   SOLE   5,000 0 0
Tyson Foods COM 902494103 31,910 350,500 SH   DFND 1 350,500 0 0
Unilever PLC ADR COM 904767704 229 4,000 SH   SOLE   4,000 0 0
Unilever PLC ADR COM 904767704 87,104 1,523,600 SH   DFND 1 1,523,600 0 0
Union Pacific COM 907818108 2,007 11,100 SH   SOLE   11,100 0 0
Union Pacific COM 907818108 13,427 74,270 SH   DFND 1 74,270 0 0
United Health Group Inc COM 91324P102 32,985 112,200 SH   SOLE   112,200 0 0
United Health Group Inc COM 91324P102 143,109 486,800 SH   DFND 1 486,800 0 0
United Technologies COM 913017109 8,177 54,600 SH   SOLE   54,600 0 0
United Technologies COM 913017109 25,369 169,400 SH   DFND 1 169,400 0 0
Verisk Analytics Inc COM 92345Y106 149 1,000 SH   SOLE   1,000 0 0
Verisk Analytics Inc COM 92345Y106 10,902 73,000 SH   DFND 1 73,000 0 0
Visa COM 92826C839 34,968 186,100 SH   SOLE   186,100 0 0
Visa COM 92826C839 144,504 769,050 SH   DFND 1 769,050 0 0
WR Berkley Corp COM 084423102 1,866 27,000 SH   DFND 1 27,000 0 0
Walgreens Boots Alliance Inc COM 931427108 40,426 685,650 SH   SOLE   685,650 0 0
Walgreens Boots Alliance Inc COM 931427108 80,884 1,371,850 SH   DFND 1 1,371,850 0 0
Watsco Inc COM 942622200 4,882 27,100 SH   SOLE   27,100 0 0
Watsco Inc COM 942622200 64,926 360,400 SH   DFND 1 360,400 0 0
Wells Fargo COM 949746101 1,722 32,000 SH   SOLE   32,000 0 0
Wells Fargo COM 949746101 7,693 143,000 SH   DFND 1 143,000 0 0
Whirlpool Corp COM 963320106 772 5,230 SH   SOLE   5,230 0 0
Whirlpool Corp COM 963320106 37,961 257,309 SH   DFND 1 257,309 0 0